Storms batter ports, spectators can watch the parade, Bill Gates the hotelier, New York raises the rent, some ruminations about SFRs.
Today on Millionacres
Typhoon Slams Chinese Ports: Are Retailers Doomed for the Holiday Season?
COVID-19 shutdowns have already forced many overseas factories to halt production, and just this week, two of China's busiest ports were forced to suspend operations with a destructive typhoon bearing down.
The Millionacres takeaway: Our Maurie Backman explains why that added disruption couldn't have come at a worse time. (Similarly, on the hurricane front, check out here what Ida did to the already hard-hit auto market.)
But Then: Thanksgiving in New York Will Include Spectators for the Parade!
Macy's has just announced that fans of the big event will be allowed to watch the Thanksgiving Day Parade in person this year. And that could work wonders for New York City's hotels and small businesses alike.
The Millionacres takeaway: That good news follows word that The Lion King, Wicked, Chicago, and even Hamilton are back on Broadway. They all had reopening nights this week. The show must go on -- but the audience must be vaccinated.
Bill Gates, Hotelier: Does He Still Do Windows?
The man who made Windows a proper noun and Office into something other than commercial real estate is now plunking some spare change into the hospitality business.
The Millionacres takeaway: While it’s interesting that Gates’ family office is buying a big chunk of the Four Seasons operation from a Saudi prince for a couple billion, what may matter most to investors in this country is what this confidence by the smart money at Cascade Investment LLC says about the recovery and post-pandemic future of hospitality properties in general.
Also in Today’s News
New York Renters Face 70% Increases as Pandemic Discounts Expire
Landlords are jacking up rents -- often by 50%, 60%, or 70% -- on tenants who locked in deals last year when prices were in freefall [Bloomberg subscription required]. And concessions are slipping away, Bloomberg reports today.
The SFR Industry Could See a Come-to-Regulation Moment
This GlobeSt.com analysis posted today looks at a vote in Berlin that could allow the city to confiscate apartments from owners of more than 3,000 properties. It might be symbolic, but it’s expected to pass.
The Millionacres takeaway: The Bloomberg article gives multiple examples of soaring rental prices and the people affected by them. The GlobeSt.com piece recognizes that such confiscation is unlikely here, but that a new regulatory regime could emerge from the Biden administration that targets huge institutional investment in single-family rentals. Both are examples of possible government reaction to the supercharged market for residential real estate and bear watching.